Delayed but not denied: Crypto industry hopeful with announcement of USA’s new bill
The US, which boasts the largest consumer base for crypto, is currently grappling with uncertainty due to the SEC's relentless crackdown on crypto operations. This has significantly impeded progress in terms of regulatory developments, the adoption environment, and the support from financial institutions in providing liquidity for virtual digital assets. In stark contrast, the EU, the UK, Hong Kong, Dubai and Singapore, have been steadily cultivating thriving ecosystems for crypto. Their proactive approach has even enticed crypto entrepreneurs in the USA to consider relocating their operations to these countries for smoother functioning. However, there is a glimmer of hope on the horizon in the form of the Fit Act, which aims to bring the US on par with other nations that have implemented forward-looking crypto regulations. The primary objective of this bill is to clearly define boundaries for oversight of the industry between the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) and remove any ambiguity which might cause differences in verdict or uncertainty for stakeholders. Amid the SEC's ongoing exercise of authority over the crypto industry, the Ripple verdict has ignited hope within the community. This first-of-its-kind positive judgment has raised expectations for additional scrutiny of lawsuits and the possibility of more favourable verdicts in the future. This bill, which marks the first-ever congressional vote on the matter, has boosted the ecosystem's hopes further.
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